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Individual Voluntary Arrangement

An IVA is an agreement whereby you pay your creditors a set amount each month that you can afford, the rest of the debt is written off.

It’s most appropriate for those who have debts of more than £6,500 and cannot afford to meet repayments, who see missed payment charges incurred, interest increasing and their debt spiralling.

However, the advisor will be able to shed more light on this and discuss whether it is the right option for you. We can tell you, without obligation, how best to get on a stable financial footing.

Figures currently show that people in the UK have an average debt of £27,871.13 and no matter how much you are struggling, an IVA will help with your unsecured creditor payments you are struggling with.

Pros Vs Cons


  • One affordable monthly payment made to Insolvency Practitioner over a fixed period of time generally 5 years
  • Creditors consent is required to approve an IVA but only 75% of those that decide to vote at the creditors meeting are needed to approve the IVA
  • Following approval of an IVA, creditors cannot take further action to enforce the debt, and all interest and charges are frozen.
  • The costs are deducted from the payments you make each month NOT over and above
  • Any outstanding balances from qualifying unsecured debts, owed at the end of the successful term are written off.
  • You cannot be forced to sell your property whilst subject to an IVA


  • Approval of an IVA is not guaranteed, creditors may reject your proposal.
  • There are Insolvency costs associated with an IVA (Nominee Fee generally £1,100, Supervisors fee of 15% of monthly repayments and supervisors costs reimbursed approx. £1,100 charged over the life of the plan). The costs are deducted from the payments you make each month NOT over and above
  • Your credit file can be affected for 6 years
  • Your information is placed on the Register of Insolvencies which is a public register
  • In the final year of the IVA, you will be expected to attempt to re-mortgage your property to increase the payments to creditors, although any possible re-mortgage is subject to strict criteria to protect you

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